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  • AUD/USD defends the 50-day SMA support at 0.7199. 
  • The bias remains bearish as RSI holds below 50.

AUD/USD is currently trading unchanged on the day at 0.7220, having found bids just below the 50-day simple moving average (SMA) of 0.7199 early Tuesday. 

While the average support has been defended, the bias remains bearish, as the 14-day relative strength index is still hovering below 50. 

Acceptance under the Sept. 9 low of 0.7192 would validate the bearish lower high of 0.7345 created on Sept. 16 and likely yield a deeper decline to 0.70. 

A daily close above the lower high of 0.7345 is needed to put the bulls back into the driver’s seat. 

Daily chart

Trend: Bearish

Technical levels